Political Quotes

“All right, I am going to talk faster. Sorry about that. Oh, the poor people who try to take our words down. It is a punishment, I am sorry. I have some other boards here, so I am just going to try to do two more boards in this 2 minutes. Tax policy, you go back to functionally 1950, when we have had very high marginal tax rates, we get about 17, 18 percent of the economy in tax receipts. When we have had very low marginal tax rates, we get about 17, 18 percent of the economy in tax receipts. The fact of the matter is, for some reason, the American economy for the last 75 years, we fall back into this mean, so you have Democrats running around here saying, we need much higher marginal tax rates. However, when we have done that, we still just get the same percentage of the economy. The secret, once again, is that productivity, have a bigger economy. {time} 1815 Our structural crisis now is if we are getting 17, 18 percent of the economy in tax receipts, we are spending about 24 percent of the economy year after year. Back to the point, this is the pie chart. Every dime of nondefense is borrowed. Every dime of defense is borrowed. You have to pay your interest. Remember, interest is now our second-biggest expense in government. It is number two now. Part of this red here is also on borrowed money.…”